19 Gainsborough Cove

Property Overview: 19 Gainsborough Cove

This one-storey home in Tyndall Park presents a practical opportunity with a few standout features. Its primary appeal lies in the combination of a renovated basement and a larger-than-average lot for the area. At 4,499 sqft, the land size ranks in the top 18% on its own street, offering valuable outdoor space. The 840 sqft living area is also notably spacious for a home of this style, ranking in the top 14% across Winnipeg. While the home itself was built in 1972, the renovated basement adds modern functionality. The property suits first-time buyers seeking move-in readiness with extra space, or investors looking for a solid entry in a stable neighbourhood. It may also appeal to downsizers who value single-level living but don't want to compromise on yard size or indoor space compared to many newer properties.

Key Questions & Considerations

1. How does the assessed value compare to likely market value?
The current assessed value is $32,400. However, nearby comparable sales and listings show a wide range, from $300k to $400k for homes with similar assessments in the area. This suggests the assessment is not a reliable indicator of market price, and a professional appraisal or market analysis would be essential.

2. What is the significance of the lot size?
The 4,499 sqft lot is a key asset, ranking highly for the street. This provides more private outdoor space than many neighbouring properties, which is a valuable and less common feature in this neighbourhood.

3. Are there any concerns with the age of the home?
Built in 1972, major systems like the roof, plumbing, and electrical may be nearing or past their typical lifespan. A thorough home inspection would be crucial to understand the condition and anticipate any needed updates, despite the renovated basement.

4. How does the living space compare to nearby homes?
At 840 sqft, the main-floor living area is quite generous for a one-storey home here, ranking better than 86% of Winnipeg properties. This means the home likely feels more spacious inside than many comparable properties, even before considering the renovated basement.

5. What can nearby sales history tell us?
The home last sold in March 2016 for $24,800. The significant gap between that price, the current assessed value, and the prices of nearby "for reference" properties highlights strong market movement and the importance of understanding recent, true comparable sales to gauge its current value.